Transform your life with equity release.
If you are over 55 and a homeowner, you may be able to benefit from releasing a tax-free lump sum or an additional regular income from your home by means of equity release.
Equity release - lifetime mortgage
The lifetime mortgage, which is one of the most popular forms of equity release, and is one of the preferred methods of improving standards of living and home improvements. It gives you access to funds that are yours already, but would otherwise be tied up in the value of your property. There are no regular repayments to make, and you continue to own 100% of your home.
Choose the right equity release plan with the help of Medina Financial Solutions
Medina Financial Solutions specialises in equity release and are fully qualified in this market enabling us to help our clients to select the most appropriate Equity Release plan from the many available, to meet their individual needs and circumstances. This in turn enables our clients to benefit from the tax-free lump sum or additional regular income that equity release can offer, along with the peace of mind that comes from dealing with a knowledgeable, honest and friendly team of specialists.
What types of equity release are available?
- Lifetime Mortgage - You can take an initial amount of money and create yourself a reserve to use at any point in the future, or take a bigger lump sum to use now.
- Benefits - 100% home ownership maintained by you and you may be able to borrow even more at a later date depending on the property value. If you create a reserve, you pay no interest on this money unless and until it is used. You can guarantee an inheritance is left behind from the property if you wish and your mortgage will never exceed the value of your property
- Disadvantages - the longer you live, the more you will owe. If property prices do not go up, then less is left to the estate. You may not be able to borrow more money at any given time
- Interest Only Lifetime Mortgage - If you can afford to maintain your currently monthly payments on an Interest Only basis, but want the option to convert straight to a Lifetime Mortgage or Retirement Mortgage in the future – then this plan could be for you.
- Benefits – 100% home ownership maintained by you. You are also potentially protecting what will be inherited for longer by using this method. You can guarantee an inheritance is left behind from the property if you wish once converted to a Lifetime Mortgage.
- Disadvantages - If the short term interest rates change, then your initial monthly payments will also change.
- Home Reversion Plan - you surrender some or all of the ownership of your property in exchange for a lump sum of money and the right to remain living in the house, rent free, for as long as you live.
The Correct Choice
Of course, in order to get the most benefit from equity release, it is extremely important that you choose the right plan to suit your individual needs and circumstances, which is why advice from specialists such as Medina Financial solutions can make a big difference.
Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration.
Equity release may impact the size of your estate and it could affect your entitlement to current and future means-tested benefits.
There will be a fee for lifetime mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £1,000 payable upon completion and can be included in the lifetime mortgage.